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Financial Statements |
Contents |
Page |
Designated members and professional advisers |
1 |
Members' report |
2 |
Independent auditor's report to the members |
4 |
Statement of income and retained earnings |
7 |
Statement of financial position |
8 |
Reconciliation of members' interests |
10 |
Statement of cash flows |
12 |
Notes to the financial statements |
13 |
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Designated Members and Professional Advisers |
Designated members |
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Registered office |
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Auditor |
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Chartered accountants & statutory auditor |
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Second Floor, Riverside Offices |
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26 St George's Quay |
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Lancaster |
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LA1 1RD |
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Bankers |
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Leicester Customer Service Centre |
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Bede House |
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11 Western Boulevard |
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Leicester, |
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LE2, 7EJ |
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Members' Report |
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Designated Member |
Registered office: |
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Independent Auditor's Report to the Members of
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(Senior Statutory Auditor) |
For and on behalf of |
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Chartered accountants & statutory auditor |
Second Floor, Riverside Offices |
26 St George's Quay |
Lancaster |
LA1 1RD |
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Statement of Income and Retained Earnings |
Period from |
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1 Jan 23 to |
Year to |
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30 Jun 23 |
31 Dec 22 |
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Note |
£ |
£ |
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Turnover |
4 |
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Cost of sales |
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------------- |
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Gross profit |
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Distribution costs |
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Administrative expenses |
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Other operating income |
5 |
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Operating profit |
7 |
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Other interest receivable and similar income |
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Interest payable and similar expenses |
8 |
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Profit for the financial period before members' remuneration and profit shares |
2,035,136 |
5,266,978 |
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Members' remuneration charged as an expense |
9 |
2,035,136 |
5,266,978 |
---- |
---- |
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Result for the financial period available for discretionary division among members |
– |
– |
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---- |
---- |
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Statement of Financial Position |
30 Jun 23 |
31 Dec 22 |
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Note |
£ |
£ |
£ |
Intangible assets |
10 |
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Tangible assets |
11 |
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Stocks |
12 |
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Debtors |
13 |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
14 |
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Net current assets |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year |
15 |
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Net assets |
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Other amounts |
17 |
14,759,576 |
13,258,645 |
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Other reserves, including the fair value reserve |
– |
– |
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14,759,576 |
13,258,645 |
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Loans and other debts due to members |
17 |
14,759,576 |
13,258,645 |
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Members' other interests |
– |
– |
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14,759,576 |
13,258,645 |
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Statement of Financial Position (continued) |
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Designated Member |
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Reconciliation of Members' Interests |
Members' other interests |
Loans and other debts due to members less any amounts due from members in debtors |
Total members' interests |
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Other reserves, including the fair value reserve |
Total |
Other amounts |
Total |
Total 30 Jun 23 |
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£ |
£ |
£ |
£ |
£ |
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Balance at 1 January 2023 |
– |
– |
13,258,644 |
13,258,644 |
13,258,644 |
Profit for the financial period available for discretionary division among members |
– |
– |
– |
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---- |
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Members' interests after profit for the period |
– |
– |
13,258,644 |
13,258,644 |
13,258,644 |
Drawings |
– |
– |
(615,945) |
(615,945) |
(615,945) |
Other movements |
– |
– |
2,116,877 |
2,116,877 |
2,116,877 |
---- |
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Balance at 30 June 2023 |
– |
– |
14,759,576 |
14,759,576 |
14,759,576 |
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Reconciliation of Members' Interests (continued) |
Members' other interests |
Loans and other debts due to members less any amounts due from members in debtors |
Total members' interests |
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Other reserves, including the fair value reserve |
Total |
Other amounts |
Total |
Total 2022 |
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£ |
£ |
£ |
£ |
£ |
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Balance at 1 January 2022 |
– |
– |
9,177,068 |
9,177,068 |
9,177,068 |
Profit for the financial year available for discretionary division among members |
– |
– |
– |
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Drawings |
– |
– |
(1,185,403) |
(1,185,403) |
(1,185,403) |
Other movements |
– |
– |
5,266,980 |
5,266,980 |
5,266,980 |
---- |
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Balance at 31 December 2022 |
– |
– |
13,258,645 |
13,258,645 |
13,258,645 |
---- |
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Statement of Cash Flows |
30 Jun 23 |
31 Dec 22 |
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£ |
£ |
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Profit for the financial period |
– |
– |
Adjustments for: |
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Depreciation of tangible assets |
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Amortisation of intangible assets |
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Other interest receivable and similar income |
(
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(
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Interest payable and similar expenses |
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Gains on disposal of tangible assets |
– |
(
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Accrued expenses |
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Changes in: |
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Stocks |
(
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(
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Trade and other debtors |
(
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(
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Trade and other creditors |
(
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------------ |
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Cash generated from operations |
(
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(
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Interest paid |
(
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(
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Interest received |
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------------ |
------------ |
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Net cash used in operating activities |
(
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(
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------------ |
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Purchase of tangible assets |
(
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(
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Proceeds from sale of tangible assets |
– |
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Purchase of intangible assets |
– |
(
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------------ |
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Net cash used in investing activities |
(
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(
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------------ |
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Proceeds from borrowings |
– |
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Repayments of borrowings |
(
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– |
Payments of finance lease liabilities |
(
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(
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Other financing cash flow adjustment |
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------------ |
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Net cash from financing activities |
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Net increase in cash and cash equivalents |
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Cash and cash equivalents at beginning of period |
2,594,303 |
1,976,392 |
------------ |
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Cash and cash equivalents at end of period |
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Notes to the Financial Statements |
1. |
General information |
2. |
Statement of compliance |
3. |
Accounting policies |
- |
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- |
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- |
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4. |
Turnover |
Period from |
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1 Jan 23 to |
Year to |
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30 Jun 23 |
31 Dec 22 |
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£ |
£ |
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Sale of goods |
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------------- |
------------- |
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5. |
Other operating income |
Period from |
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1 Jan 23 to |
Year to |
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30 Jun 23 |
31 Dec 22 |
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£ |
£ |
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Rental income |
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------- |
------- |
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6. |
Staff costs |
30 Jun 23 |
31 Dec 22 |
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No. |
No. |
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Administrative |
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---- |
---- |
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Period from |
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1 Jan 23 to |
Year to |
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30 Jun 23 |
31 Dec 22 |
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£ |
£ |
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Wages and salaries |
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------------ |
------------ |
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7. |
Operating profit |
Period from |
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1 Jan 23 to |
Year to |
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30 Jun 23 |
31 Dec 22 |
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£ |
£ |
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Amortisation of intangible assets |
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Depreciation of tangible assets |
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Gains on disposal of tangible assets |
– |
(
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Impairment of trade debtors |
6,757 |
(18,942) |
Foreign exchange differences |
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Fees payable for the audit of the financial statements |
|
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--------- |
--------- |
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8. |
Interest payable and similar expenses |
Period from |
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1 Jan 23 to |
Year to |
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30 Jun 23 |
31 Dec 22 |
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£ |
£ |
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Interest on obligations under finance leases and hire purchase contracts |
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Other interest payable and similar charges |
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-------- |
-------- |
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-------- |
-------- |
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9. |
Information in relation to members |
Period from |
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1 Jan 23 to |
Year to |
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30 Jun 23 |
31 Dec 22 |
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£ |
£ |
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Highest paid members remuneration |
549,486 |
1,250,909 |
---- |
---- |
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Period from |
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1 Jan 23 to |
Year to |
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30 Jun 23 |
31 Dec 22 |
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No. |
No. |
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Average number of members |
6 |
6 |
---- |
---- |
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10. |
Intangible assets |
Patents, trademarks and licences |
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£ |
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Cost |
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At 1 January 2023 and 30 June 2023 |
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--------- |
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Amortisation |
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At 1 January 2023 |
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Charge for the period |
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--------- |
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At 30 June 2023 |
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--------- |
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Carrying amount |
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At 30 June 2023 |
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--------- |
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At 31 December 2022 |
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11. |
Tangible assets |
Land and buildings |
Plant and machinery |
Motor vehicles |
Total |
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£ |
£ |
£ |
£ |
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Cost |
||||
At 1 January 2023 |
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Additions |
– |
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--------- |
--------- |
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------------ |
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At 30 June 2023 |
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--------- |
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Depreciation |
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At 1 January 2023 |
– |
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Charge for the period |
– |
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--------- |
--------- |
--------- |
------------ |
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At 30 June 2023 |
– |
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--------- |
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Carrying amount |
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At 30 June 2023 |
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--------- |
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------------ |
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At 31 December 2022 |
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--------- |
--------- |
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Plant and machinery |
Motor vehicles |
Total |
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£ |
£ |
£ |
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At 30 June 2023 |
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--------- |
-------- |
--------- |
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At 31 December 2022 |
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--------- |
-------- |
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12. |
Stocks |
30 Jun 23 |
31 Dec 22 |
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£ |
£ |
|
Raw materials and consumables |
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------------ |
------------ |
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13. |
Debtors |
30 Jun 23 |
31 Dec 22 |
|
£ |
£ |
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Trade debtors |
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Prepayments and accrued income |
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Other debtors |
|
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------------ |
------------ |
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------------ |
------------ |
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30 Jun 23 |
31 Dec 22 |
|
£ |
£ |
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Trade creditors |
|
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Accruals and deferred income |
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Social security and other taxes |
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Obligations under finance leases and hire purchase contracts |
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Other creditors |
|
– |
------------ |
------------ |
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------------ |
------------ |
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30 Jun 23 |
31 Dec 22 |
|
£ |
£ |
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Obligations under finance leases and hire purchase contracts |
|
|
--------- |
--------- |
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16. |
Finance leases and hire purchase contracts |
30 Jun 23 |
31 Dec 22 |
|
£ |
£ |
|
Not later than 1 year |
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Later than 1 year and not later than 5 years |
|
|
--------- |
--------- |
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--------- |
--------- |
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17. |
Loans and other debts due to members |
30 Jun 23 |
31 Dec 22 |
|
£ |
£ |
|
Loans from members |
14,759,576 |
13,258,645 |
------------- |
------------- |
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18. |
Reserves |
19. |
Analysis of changes in net debt |
At 1 Jan 2023 |
Cash flows |
At 30 Jun 2023 |
|
£ |
£ |
£ |
|
Cash at bank and in hand |
|
210,980 |
|
Debt due within one year |
(113,532) |
(2,997) |
(116,529) |
Debt due after one year |
(257,387) |
58,518 |
(198,869) |
------------ |
--------- |
------------ |
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Net debt (before members' debt) |
2,223,384 |
266,501 |
2,489,885 |
------------ |
--------- |
------------ |
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Loans and other debts due to members |
|||
Other amounts |
(13,258,645) |
(1,500,931) |
(14,759,576) |
------------- |
------------ |
------------- |
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Net debt |
(
|
(
|
(
|
------------- |
------------ |
------------- |
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20. |
Operating leases |
30 Jun 23 |
31 Dec 22 |
|
£ |
£ |
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Not later than 1 year |
|
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Later than 1 year and not later than 5 years |
|
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------------ |
------------ |
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21. |
Related party transactions |
22. |
Controlling party |